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IBC has rescued businessmen from deeper perils, provided them an exit avenue: PM Modi

Our Bureau New Delhi | Updated on January 06, 2020 Published on January 06, 2020

Prime Minister Narendra Modi speaking at the centenary celebrations of Kirloskar Brothers Ltd in New Delhi on Monday   -  -

Govt focus has been on giving businesses a transparent work environment, says PM

The Insolvency and Bankruptcy Code (IBC) has rescued businessmen from deeper perils by providing an exit avenue, said Prime Minister Narendra Modi.

Speaking at the centenary celebrations of Kirloskar Brothers Ltd, Modi said, “The IBC is being discussed so much today. But the talks are focussed only on amounts recovered and they should not be limited to this. Sometimes it is best to quit a certain business and not all business failures are because of conspiracies.” “By providing an exit avenue, the IBC has helped many business men from being destroyed forever,” he said.

End of Inspector Raj

Modi said that business house should not be swayed by naysayers who are critical of government and economy.

He said, “Some vested forces are spending their energies to make it appear as if the government is running after businesses with a stick. This is misinformation and all focus is being laid on giving businesses a transparent work environment. We have eliminated Inspector Raj harboured by the earlier regimes.”

Commenting on the improvement in ‘Ease of doing business’ rankings, Modi said, “In the last five years, India has improved by 79 ranks on ease of doing business ranking. There has also been an improvement of 20 places in the innovation ranking.”

“It was once said that the Bombay club represents India’s businesses. If such a club is formed today, it will be called the Bharat club with representatives from both old and new businesses houses,” Modi said.

Highlighting two government initiatives and their impact, Modi said that ₹9 lakh crode worth of transactions were undertaken through the BHIM app in 2018 - 2019. Till now, in the current financial year, transactions worth ₹15 lakh crore have been done. Commenting on the progress of the LED bulb distribution scheme, Modi said 36 crore LED bulbs were distributed that has led to 5,504 crore kWh of electricity being saved.

Published on January 06, 2020
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